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Assume that patients have revealed their group demands for hospital emergency room service, as follows:
Q= 20,000 - 50P (Patients demand) where Q is the number of emergency room patients per year at the local hospital and P is the price of emergency roomservice.
The marginal cost of emergency room service is MC= $50.
A. Determine the socially optimal amount of publicly-supported emergency room service
B. Assume the emergency room service has been privatised so that a monopolist service provider starts to serve the community, determine the profit-maximising quantity and price.
C. To prevent the abuse of monopoly power, a regulatory authority intervene the market by regulating the industry.Determine the optimal regulated price and quantity.
Determine if either player has a dominant strategy. Find the Nash Equilibrium and determine if it is efficient or not. Suppose two firms, Coke and Pepsi, are deciding whether or not to advertise towards a specific target audience. When Coke (player 1..
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Suppose that the price of good X is $10, the price of good Y is $20, and our income is $100. a. What is the maximum amount of good X you can buy? What about good Y? b. Write down your budget constraint and solve it for Y. c. Sketch a graph of your bu..
A pretzel-stand owner in Chicago hires workers to make hot pretzels and sell them to customers. If the firm is competitive in both the market for pretzels and in the market for pretzel-makers, then it has
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Illustrate that an increase in government spending can improve consumer welfare.
Explain the effect of the following events on the interest rate in the loanable funds market. Demonstrate you answer graphically.
Many economists agree that government should deal with monopolists on a case-by-case basis. Policy options include the following, except:
q. a monopolistic firm control in 2 separate markets. no deal is achievable between market a as well as market b. the
Suppose that you desire to get a lump sum payment of 100,000 two years from now. Rounded to full dollars, how many current dollars will you have to invest today at a 10 percent interest to accomplish your goal?
Supermarkets and retailers always have decor and whatnot for various holidays (Halloween, Christmas etc..) as soon as the holiday passes, see all these products severely marked down. How does economic theory explain this price drop? What are sellers ..
Monetarists says “Only money matters.” Keynesians answer, “Money matters, but other things like fiscal policy, matter too. “Explain and evaluate each position. Could you disagree with monetarists and still believe that monetary policy should be used ..
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